Monthly Payment on a $200K Mortgage in Tennessee
Using Tennessee's 0.56% property tax rate and $2,400/yr homeowners insurance.
$200K Mortgage in Tennessee: Rate Comparison
Monthly PITI payment using Tennessee's 0.56% property tax and $2,400/yr insurance.
| Rate | 5% Down | 10% Down | 20% Down |
|---|---|---|---|
| 5.5% | $1,483 | $1,420 | $1,202 |
| 6.0% | $1,543 | $1,478 | $1,253 |
| 6.5% | $1,605 | $1,536 | $1,305 |
| 7.0% | $1,668 | $1,596 | $1,358 |
| 7.5% | $1,733 | $1,657 | $1,412 |
| 8.0% | $1,798 | $1,719 | $1,467 |
How This Compares to Tennessee's Median
A $200K home is 41% below Tennessee's median of $340K. You'll find homes at this price in cities like Jackson, Memphis.
Income Needed for a $200K Home in Tennessee
To afford this payment of $1,536/mo in Tennessee, you'd need a household income of approximately $66K/year (28% rule). That's the standard guideline lenders use to determine what you can comfortably spend on housing.
See what a $70K salary can afford →Closing Costs in Tennessee
Estimated closing costs in Tennessee: $3K (1.5% of purchase price). Tennessee also charges a 0.37% transfer tax, which may add $740 to your transaction costs.
What to Know About a $200K Mortgage in Tennessee
With 10% down ($20,000), your loan of $180,000 at 6.5% over 30 years produces a principal and interest payment of $1,138/mo. Adding Tennessee's 0.56% property tax ($93/mo) and $2,400/yr insurance ($200/mo) brings your total to $1,536/mo. Because you're putting less than 20% down, PMI adds $105/mo until you reach 20% equity.
Over the full 30-year term, you'll pay approximately $229,580 in total interest. Even a small rate reduction makes a big difference — dropping from 7.0% to 6.5% on this loan saves about $21,536 over the life of the loan.